At Crews Chevrolet, we provide commercial vehicle options for those around North Charleston. Whether it is a truck or van or vehicle you utilized for the specific purpose of work, there are ways to get a tax write-off, and for our business customers, we are able to provide a few pointers and where to look to see if your vehicle is able to qualify.
If you purchase a new or "new to you" vehicle for a car or truck for business, there is the possibility you can write off the purchase with a section 179 deduction. This allows you to deduct the entire cost of the vehicle in the first year if you use it primarily for business. Here are the requirements you need to meet to be eligible.
- You must use the vehicle for business more than 50 percent of the time, and you can only deduct what you use for work
- The vehicle has to meet requirements, including a weight requirement of 6,000 to 14,000 pounds
- You're not able to write off the purchase price and claim the standard mileage deduction in the same year
- You cannot deduct more than your business's net income for the year
Furthermore, there are dollar limits of how much can be deducted through section 179, and it cannot be used primarily for transporting people or property for hire (this means you can't use it for Uber or Lyft). There are a lot of different limits and standards you'll have to know. Our team can do our best to answer questions for your specific situation and aid you in the process of finding out if you're eligible for a section 179 deduction for your taxes.
We know there are many business owners in the area who utilize work vehicles on the go. Whether you are in the trades, construction, or another line of work where your vehicle use is heavy, but not transporting passengers, you might find yourself eligible.
We hope many can take advantage of section 179 during this tax season around the areas of Summerville, Mt. Pleasant, and Goose Creek, and if you're looking for different work trucks and vans, we have you covered. Our Chevrolet commercial vehicle program features many options which include vans of different roof sizes and space to get all your work needs onboard, plus trucks for the job site, or those that provide custom fits to meet your work goals specifically.
To get started, come see us at the dealership and we'd be happy to get started with you soon!
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